📢 The Cryptocurrency Battle Heats Up: Democratic Senator Warren Continues Her Push

Anti-cryptocurrency Democratic Senator Elizabeth Warren has taken a hard stance on digital assets, frequently cracking down on the industry recently. On January 12, as a senior member of the Senate Banking, Housing and Urban Affairs Committee, she wrote a letter to newly nominated Treasury Secretary Scott Bessent, continuing her attacks on cryptocurrency and suggesting strict regulatory measures.

Alexander Grieve, Vice President of Government Affairs at Paradigm, shared this letter, pointing out that the content of Warren's letter directly accused Bessent of having "no government work experience."

Regarding anti-money laundering, Warren's stance is resolute. As a senator on the cryptocurrency crackdown request list, she reiterated that cryptocurrency has become a "tool" for criminals and sternly pointed out that illicit actors frequently use cryptocurrency for money laundering, evading sanctions, and even funding significant national security threats, posing great dangers.

She also threw multiple sharp questions at Bessent, given that Bessent disclosed holding up to $500,000 in spot Bitcoin ETF shares, questioning whether the Treasury should have secondary sanctions tools to cut off the relationship between financial technology and cryptocurrency operators and the United States?

Warren also specifically focused on the Office of Foreign Assets Control (OFAC), discussing its jurisdiction over dollar-denominated stablecoins. At the same time, the Biden administration's Treasury has already taken action since November 2023, proposing five legislative proposals aimed at combating illegal financing of digital assets. These proposals include amending the Bank Secrecy Act to add a new category of "financial institutions" that covers cryptocurrency exchanges, non-custodial wallets, and more.

For a long time, Senator Warren has been a strong advocate for regulating digital assets and decentralized protocols on par with traditional finance and banking, but this view is highly controversial in the industry, with many disagreeing.

However, it is noteworthy that Elizabeth Warren has found herself in a fraud scandal this week due to misleading fundraising, as her call for support for the Los Angeles Fire Department Foundation was actually a link to the Democratic fundraising site ActBlue, criticized for exploiting disasters for political gain.

💬 Do you agree with Warren's stance? Do you think her questioning of Scott Bessent is reasonable? Or what are your views on this cryptocurrency war?